v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Shares Reserved for Future Issuance
The following shares of the Company's common stock were reserved for future issuance at June 30, 2025 (in thousands):
Shares reserved for issuance upon conversion of Convertible Senior Notes9,335 
Shares underlying outstanding warrants194 
Shares underlying outstanding stock options3,054 
Shares underlying unvested restricted stock units4,351 
Shares authorized for issuance pursuant to awards granted under the ESPP2,233 
Shares authorized for future equity award grants328 
Total19,495 
Common Stock Warrants

Warrants outstanding to purchase shares of the Company's common stock as of June 30, 2025 were as follows:
Issue DateExercise Price Per ShareWarrants OutstandingExpiration Date of Warrants Outstanding
March 2017$23.50193,788 March 2027
Each warrant allows the holder to purchase one share of common stock at the per share exercise price of the warrant.
Stock-Based Compensation
The following table summarizes the allocation of stock-based compensation expense included in the condensed consolidated statements of operations for all stock-based compensation arrangements (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of sales$1,751 $1,760 $3,476 $3,830 
Selling, general and administrative16,544 15,518 32,919 28,807 
Research and development7,347 7,619 14,735 14,299 
Total stock-based compensation expense$25,642 $24,897 $51,130 $46,936 
The total stock-based compensation expense capitalized as part of the cost of the Company’s inventories was $1.7 million at June 30, 2025, and $1.8 million at December 31, 2024.
Restricted Stock Units
Restricted stock units (RSUs) have a grant value equal to the closing price of the Company’s common stock on the award date.
The total number of RSUs granted and the respective weighted average grant date fair value were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
RSUs granted1,953,827 1,694,239 2,044,370 2,052,298 
Weighted average grant date fair value (per share)$20.77 $48.30 $21.06 $44.30 
Employee Stock Purchase Plan
The Company records stock-based compensation expense associated with the ESPP using the Black-Scholes option pricing model. Valuations are performed on the grant date at the beginning of the purchase period, which generally occurs in May and November of each year. The assumptions used in the Black-Scholes option pricing model for the ESPP were as follows:
Six Months Ended June 30,
20252024
Weighted average grant date fair value (per share)$10.86 $21.45 
Risk-free interest rate4.1 %5.1 %
Dividend yield0.0 %0.0 %
Expected volatility74.9 %70.2 %
Expected term (in years)1.31.3